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 Elderly bankruptcy filings rooted in credit card debt- Elderly bankruptcy filings rooted in credit card debt
- October 14, 2010
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Millions of middle-aged Americans with mortgages, student loans and children are facing bankruptcy, with more than 1.3 million individuals expected to file by the end of the year. However, new studies show the elderly may be suffering just as badly, if not more. Most retirees live on a fixed income and rely on personal savings, investments, pensions or Social Security to meet their financial needs. But many who live solely on Social Security turn to credit cards to pay for their daily expenses, putting them at risk for high debt and no way to pay it off.
- View more at: http://www.credit.com/news/credit-debt/2010-10-13/elderly-bankruptcy-filings-rooted-in-credit-card-debt.html
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